Intense competition among existing players in the global photoelectric sensors market is setting high entry barriers for new players. The top three manufacturers, which are Omron Corp., SICK AG, and Eaton Corporation plc., accounted for more than 38% of the overall market in 2015, finds Transparency Market Research in a new study. Companies are increasingly focusing on launching new products in order to create ample demand and opportunities in the market. “Acquisition is another key strategy adopted by prominent players to enhance their product portfolio and expand their market reach globally,” says the author of the report.
Rising Trend of Automation to Put Europe at Forefront
The global photoelectric sensors market stood at 30.5 mn units in 2015 and is poised to reach 167 mn units by 2024, rising at a CAGR of 21.2% from 2016 to 2024. By technology, the retro-reflective segment will continue to be the leading volume contributor until 2024, accounting for 43.3% of the overall market. The growth of this segment is supported by the easy installation and high reliability of the retro-reflective sensors. The diffuse photoelectric sensors market is expected to exhibit a CAGR of 22.1% in terms of volume during the forecast period.
Geographically, Europe will account for lion’s share in the global market in terms of volume throughout the forecast period. The increasing implementation of automation in various industries including packaging, healthcare, and manufacturing is contributing to the growth of the region. The Asia Pacific region is anticipated to expand at a 23.7% CAGR during the same period, owing to the increasing deployment of photoelectric sensors in the manufacturing industries coupled with their decreasing prices.
Introduction of Nanotechnology to Open New Avenues for Photoelectric Sensors Manufacturers
The increasing application of photoelectric sensors across various industrial verticals such as electronics, packaging, and food and beverages is contributing to the growth of the market. Sensors such as proximity sensors effectively detect objects independent of any physical contact. The demand for these sensors is rising with the increasing trend of industrial automation and is therefore benefitting the overall market. Moreover, the increasing implementation of nanotechnology in the manufacturing of photoelectric sensors is likely to provide a significant push to the global market in the near future. “The growing importance of smart technology and nanotechnology is motivating manufacturers to incorporate these technologies and create immense growth opportunities in the market,” says a TMR analyst.
Lack of Automatic Sensitivity Adjustment to Dent Demand for Photoelectric Sensors
The present-day photoelectric sensors lack the automatic adjustment of their sensitivity and are highly sensitive to dust, smoke, and fog, depending on their placement, frequency, and brightness. These technical issues associated with these sensors are hampering the growth of the photoelectric sensors market. Moreover, the high cost of these sensors is limiting their widespread adoption. Furthermore, the lack of product differentiation is leading to declining prices of these sensors, which is adversely affecting the overall revenue generation of the market.
The information presented in this review is based on a Transparency Market Research report, titled,“Photoelectric Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.”
The global photoelectric sensor market has been segmented as follows:
Global Photoelectric Sensor Market: By Technology
Global Photoelectric Sensor Market: By Type
Global Photoelectric Sensor Market: By Applications
Global Photoelectric Sensor Market: By Geography
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